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CA Durgesh Kabra

CA Durgesh KabraWhy Auditing Standards are Important??

  • —Auditing Standards are mandatory to be by followed by practitioners under the direction issued by the council of ICAI
  • —If not complied with Auditing Standards in performing Assurance Engagement
  • —CA shall be held guilty of Professional misconduct under Schedule-II of CA-Act, 1949
  • —As per the Section 143(9) of Companies Act-2013, Every auditor shall comply with the auditing standards

Audit Report Procedure

SA Description Reference
SA 300 Preliminary Engagement Activities Client continuance (SA 220)
Ethical requirement (SA 200 and SA 220)
Terms of Engagement etc (SA 210)
Planning Activities Audit Strategy

Scope, Timing & Direction

Audit Plan

N.T.E. of audit procedures

SA 315 Risk Assessment Procedures Understanding of Entity, its Environment & Internal Control
SA 330 Performing Test of controls for Existence, Effectiveness & Continuity
Performing Test of details – Substantive Procedures Completeness, Validity, Accuracy, Measurement, Valuation
SA 450 Evaluation of Misstatement, if identified
SA 700 Forming an opinion based on audit evidence obtained
SA 705 Modifications to the Opinion in the Independent Auditor’s Report”
SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report

Author Bio

Central Council Member (CCM), Chairman of WIRC of ICAI for 2012-13, during his chairmanship WIRC got Best Regional Council award, Best Student Association award, and 8 awards to various branches, in all 10 awards which is highest ever achiever in the history of WIRC. View Full Profile

My Published Posts

Statutory Compliance Due date Calendar- May 2019 GST, Income Tax, Company Law, LLP Compliance Book 2019 ROC Filings- Changes in Timelines and Penalty Directors Responsibilities – Additional provisions & Changes Brief About National Financial Reporting Authority View More Published Posts

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